Conagra Brands (NYSE:CAG) Sets New 12-Month Low - What's Next?

Shares of Conagra Brands (NYSE:CAG - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $20.23 and last traded at $20.40, with a volume of 830726 shares traded. The stock had previously closed at $20.41.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CAG shares. Wells Fargo & Company decreased their price target on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. The Goldman Sachs Group downgraded shares of Conagra Brands from a "neutral" rating to a "sell" rating and lowered their price objective for the company from $26.00 to $21.00 in a research report on Monday, June 9th. UBS Group reduced their price objective on shares of Conagra Brands from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Tuesday, July 1st. Finally, Barclays lowered their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $24.73.

Conagra Brands Stock Performance

The business's 50-day moving average price is $22.22 and its 200-day moving average price is $24.62. The company has a current ratio of 0.69, a quick ratio of 0.23 and a debt-to-equity ratio of 0.71. The stock has a market cap of $9.71 billion, a PE ratio of 29.86, a P/E/G ratio of 1.55 and a beta of 0.11.

Conagra Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 6.88%. Conagra Brands's payout ratio is 205.88%.

Hedge Funds Weigh In On Conagra Brands

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Conagra Brands by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 60,403,845 shares of the company's stock valued at $1,610,971,000 after purchasing an additional 1,604,893 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Conagra Brands by 6.3% during the 1st quarter. Invesco Ltd. now owns 11,859,985 shares of the company's stock valued at $316,306,000 after purchasing an additional 698,630 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Conagra Brands by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,745,629 shares of the company's stock valued at $325,096,000 after purchasing an additional 231,477 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Conagra Brands by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,162,251 shares of the company's stock valued at $217,686,000 after purchasing an additional 2,702,407 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Conagra Brands by 33.9% during the fourth quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock worth $225,746,000 after acquiring an additional 2,058,000 shares during the period. 83.75% of the stock is owned by hedge funds and other institutional investors.

About Conagra Brands

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.